He's saying conditions now are not the same as in 70's. The causes of inflation are different, and they are not likely to go into a spiral. Some obvious facts

He's saying conditions now are not the same as in 70's. The causes of inflation are different, and they are not likely to go into a spiral. Some obvious facts are that raising interest rates is not going to magically produce more workers to alleviate a worker shortage or improve supply chains by getting ships unloaded faster and IC foundries to produce more nor will it encourage more people to eat at restaurants and stay in hotels and fly on airplanes. We'll see what happens when the Fed raises interest rates; the reaction may not be what is expected because things are not normal. The stock markets seem like a bunch of frightened cattle, afraid of any change at all.